Class Action by Levi & Korsinsky Vs. Seagate

Levi & Korsinsky, LLP notifies investors in Seagate Technology Holdings plc of a class action securities lawsuit.

Class definition:
The lawsuit seeks to recover losses on behalf of Seagate investors who were adversely affected by alleged securities fraud between September 15, 2020 and October 25, 2022.

Case details:
The filed complaint alleges that defendants made false statements and/or concealed that: (a) the nature and magnitude of Seagate’s HDD sales to Huawei Technologies Co. Ltd., including that Seagate experienced a significant acceleration in sales to Huawei immediately after the U.S. Department of Commerce Bureau of Industry and Security (BIS) rules went into effect and Seagate’s competitors stopped selling to Huawei; and (b) the underlying details of Seagate’s HDD manufacturing process, including the use of covered U.S. software and technology in “essential ‘production‘” processes, rendered its sales to Huawei in violation of the BIS export rules. As a result, Seagate was in blatant violation of the BIS export rules which resulted in an ongoing investigation by the U.S. Department of Commerce and exposed Seagate to hundreds of millions of dollars in fines and penalties.

What’s next?
If you suffered a loss in Seagate during the relevant time frame, you have until September 8, 2023 to request that the court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

No cost to you:
If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.